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Rupee steady
MUMBAI,
APRIL 5.
Rallying from early lows, the rupee today ended barely changed against the U.S. currency after soaring global oil prices eased from overnight record high and the dollar gave up part of its robust strength in choppy trading at the interbank foreign exchange market.
The domestic unit was quoted at 43.7800/7850 a dollar at close, similar to Monday's finish of 43.7750/7850 after a distinctly weak opening slot of 43.82/83. The rupee declined by 3-1/2 paise yesterday, dragged down by dollar demand from large oil corporates amidst a strong U.S. currency against major global rivals.
A spillover of overnight dollar short-covering following a robust dollar and surging oil prices had exerted early pressure on the rupee. However, easing crude oil prices led to exporter dollar sales and unwinding of long dollar positions by banks which helped a smart rupee recovery, dealers said.
From an early low of 43.82/83, the rupee rallied to 43.7800/7850 close, little changed from Monday's finish of 43.7750/7850.
— PTI
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